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Two actions (Jordan v CIBC Mortgage Inc. and Sherry v CIBC Mortgage Inc., together the “Class Actions”) were brought against the defendant CIBC Mortgages Inc. (“CIBC”) in connection with the calculation of certain prepayment charges on mortgages across Canada, excluding Quebec. The Class Actions apply to CIBC mortgages as well as mortgages through related entities such as FirstLine Mortgages and President’s Choice Financial.

CIBC has agreed to pay the total amount of CAD$7.5 million in settlement of the Class Actions (the “Settlement”). The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by CIBC. The Settlement is subject to approval of the courts, and Class Members have a right to object to the Settlement.

For more information, please see: cibcprepaidmortgagesettlement.com

FAQs

Can I join the class action?

Under the class proceeding legislation, you are automatically included in the class action, if you meet the class definition, unless you request to opt-out. A future notice will be published regarding the process to and consequences of opting-out.

What should I be doing to protect my rights?

You should retain all related purchase records. This information might be necessary in order to participate in the distribution of any settlement or court award.

Do I have to pay anything to participate in the class action?

No, class counsel are paid on a contingency fee basis. This means that class counsel are only paid if successful in the litigation. Class counsel fees are payable out of any recovery achieved in the litigation. Class counsel fees are subject to court approval.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

Can I join the class action?

Under the class proceeding legislation, you are automatically included in the class action, if you meet the class definition, unless you request to opt-out. A future notice will be published regarding the process to and consequences of opting-out.

What should I be doing to protect my rights?

You should retain all related purchase records. This information might be necessary in order to participate in the distribution of any settlement or court award.

Do I have to pay anything to participate in the class action?

No, class counsel are paid on a contingency fee basis. This means that class counsel are only paid if successful in the litigation. Class counsel fees are payable out of any recovery achieved in the litigation. Class counsel fees are subject to court approval.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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